The pic is a little blury, but one that we will never get rid of. We knew the end with my Grandpa was near, but didn’t know how near. This was the last picture we have of my Grandpa and my oldest. The look on his face tells the story. He loved this moment! He was an incredible man of faith, lover of kids and quiet powerhouse of a leader. He led by serving people. What a joy to have my daughter get a chance to spend a couple years with him before he passed away. He and my Grandma were married for 66 years and led a life serving others. They died within 8 months of each other. What a legacy they built and left.
When a parent’s health is declining and the end may be near, families often feel two things at the same time. Emotionally, you want to be present. Practically, you know there are things that should be handled. This guide is meant to help you do both. You do not need to do everything at once. You just need to start.
1. Have the Most Important Conversation
If your parent is able, this is the most valuable step.
Discuss
• Who makes medical decisions
• Who handles finances
• Care preferences (hospice, hospital, life support)
• Funeral wishes
• Where documents are located
• How assets should be handled
• Who communicates with family
Checklist
☐ Identify medical decision maker
☐ Identify financial decision maker
☐ Discuss care preferences
☐ Discuss funeral wishes
☐ Ask where documents are located
-
Confirm Legal Documents
These allow you to act before death, not just after.
Important documents
• Will or trust
• Financial power of attorney
• Healthcare power of attorney
• Living will / advance directive
• HIPAA authorization
• Beneficiary designations
Double check life insurance beneficiaries. These override a will and are often outdated.
Checklist
☐ Locate will or trust
☐ Confirm financial POA
☐ Confirm healthcare POA
☐ Confirm advance directive
☐ Review retirement beneficiaries
☐ Review life insurance beneficiaries
-
Identify Decision Makers
You should know:
• Medical decision maker
• Financial decision maker
• Executor
• Family communicator
Checklist
☐ Identify roles
☐ Share roles with family
-
Gather Financial Information
You are simply identifying what exists.
Include
• Bank accounts
• Investment accounts
• Retirement accounts
• Life insurance
• Annuities
• Real estate
• Debts
Checklist
☐ List accounts
☐ List insurance
☐ List debts
☐ Gather statements
-
Contact the Financial Advisor
They can help organize everything and prepare for what comes next.
They help with
• Account list
• Beneficiaries
• Life insurance review
• What avoids probate
• Liquidity needs
• Next steps
Checklist
☐ Notify advisor
☐ Request account list
☐ Confirm beneficiaries
☐ Double check life insurance beneficiaries
☐ Ask what to prepare now
-
Understand What Transfers Automatically
Some assets transfer immediately
• Life insurance with beneficiary
• Retirement accounts with beneficiary
• Joint accounts
• Trust assets
Others may require probate
• Assets in one name
• No beneficiary
• No trust
Checklist
☐ Identify beneficiary accounts
☐ Identify probate assets
-
Discuss the Home
This is often the largest decision.
Discuss
• Keep or sell
• Who maintains it
• Where documents are
• Mortgage and insurance
Checklist
☐ Discuss home plan
☐ Locate deed
☐ Confirm insurance
-
Discuss Funeral Preferences
Consider
• Burial or cremation
• Funeral home
• Service preferences
• Cemetery
• Obituary
Checklist
☐ Burial vs cremation
☐ Funeral home
☐ Service preferences
-
Determine How Expenses Will Be Paid
This prevents stress immediately after death.
Identify
• Life insurance
• Prepaid funeral plans
• Liquid accounts
• Who pays upfront expenses
Checklist
☐ Identify life insurance
☐ Confirm beneficiaries
☐ Identify liquid fund
☐ Determine who pays upfront
-
Gather Digital Access
Often overlooked but extremely helpful.
Include
• Phone passcode
• Email access
• Financial logins
• Subscriptions
• Social media
Checklist
☐ Document phone access
☐ Document email access
☐ Document financial logins
-
Create a Simple Information Sheet
Include
• Full name
• Social Security number
• Date of birth
• Advisor contact
• Attorney contact
• Account list
• Document locations
Checklist
☐ Create information sheet
☐ Share with trusted person
-
Share Document Locations
Make sure the right people know where everything is.
Checklist
☐ Share document locations
☐ Provide copies to decision makers
☐ Confirm safe deposit box access
Where to Start First
☐ Have the conversation
☐ Identify decision makers
☐ Locate will and documents
☐ Double check life insurance beneficiaries
☐ Contact financial advisor
☐ List accounts
☐ Discuss funeral wishes
☐ Determine expense funding
You do not need to do everything today. You just need to begin.
About Rose Street Advisors Wealth Management
At Rose Street Advisors Wealth Management, we often walk alongside families during life’s most difficult transitions. When a parent’s health is declining, decisions become both emotional and practical. Many families are unsure what should be handled now versus later.
Our role is to bring clarity and calm during an uncertain time. We help families organize accounts, review beneficiaries, coordinate with attorneys, identify what will transfer smoothly, and prepare for the decisions that follow. Just as importantly, we help families avoid rushed decisions and focus on what matters most.
Planning ahead does not make this season easier emotionally, but it can remove uncertainty and reduce stress for everyone involved.
If your family is navigating this stage, we would be honored to help you think through next steps, answer questions, or simply provide guidance.
Jeremy Heavey
AIF ® , NSSA ® | FINANCIAL ADVISOR
Securities and Investment Advisory Services offered through M Holdings Securities, Inc., a Registered Broker/Dealer and Investment Advisor, Member FINRA/SIPC. Rose Street Advisors, LLC is independently owned and operated. File #5350478Interested in more?
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